Welcome to 2017 Analyst Day September 21, 2017 2 Safe Harbor for - - PowerPoint PPT Presentation

Welcome to 2017 Analyst Day

September 21, 2017

2

3

This presentation contains forward-looking statements regarding our financial prospects, including financial guidance for 3Q-2017, markets, demand for our products, and product development, among other things. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry and management’s beliefs and assumptions. These statements are subject to risks and uncertainties which are more fully described in the documents that we file with the SEC, including our 10-Ks, 10-Qs and 8-Ks, and these statements may differ materially from our actual results. This presentation contains non-GAAP financial measures such as non-GAAP operating Income, margin and EPS, and Adjusted EBITDA and EBITDA margins. We believe the presentation of these non-GAAP measures provide management and investors with meaningful information to understand and analyze our financial performance. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures can be found in the Appendix to the presentation. However, this presentation should not be considered in isolation or as a substitute for the comparable GAAP measurements, when available.

Safe Harbor for Forward-Looking Statements

4

Video

6

8:30 - 9:15 Check-in & Breakfast 9:15 - 9:45 Company Overview and Update - Data.Faster.Safer… 9:45 -10:00 Emerging Solutions - Data.Smarter… 10:00 - 10:30 Data Center Update - Data.Faster… 10:30 - 10:45 Break 10:45 - 11:15 Mobile Edge Update - Data.Safer… 11:15 - 11:40 Financial Overview 11:40 - 12:00 Q&A with Exec Team 12:00 - 1:00 Lunch

Welcome

7

From IP to High-Value Hosted Services

Patent Licenses Architecture Licenses IP Cores Infrastructure Software & SaaS Hosted Services Chips & Products

Expanding beyond Semiconductor IP

8

Serving Two Key High-Growth Markets

Data Center Mobile Edge

Architecture License+ Cores

DDRx PHYs SerDes PHYs

Chips

Buffers Networking

Historic Business Near-term Growth

Architecture License+ Secure Smart Cores

Provisioning

Mobile Payments Smart Transport IoT Device Management

9

From Chip to Cloud to Crowd

Making data faster, safer and smarter

10

Cores

SerDes PHYs

Move data from chip to chip

Memory PHYs

Move data between chips and memory

Chips

Server DIMM Chipsets

Enables more capacity at high performance

The Data Center

11

The Mobile Edge

Data・Safer

Embedded Security

Secure Cores

Embedded device protection

CryptoManager Platform

Secure provisioning and key management

Secure Services

CryptoManager Trusted Services

Device security management

Secure Software

Mobile Payments

Secure payments and trusted transactions

Smart Ticketing

Simplified travel with mobile ticketing

12

Data Center Mobile Edge

13

The Past 12 Months …

• Licensing beyond

DRAM – WD for Flash

• 24% YoY growth
• Accelerating growth

through acquisitions

• Recasting business

model to ship products (semi micro- hardware to SaaS software) with supporting IP innovation

• Nvidia licensed DPA

Countermeasures

• Xilinx licenses memory,

SerDes, and security tech

Q4 Q1 Q2 End Q3 End Q3

• Functional silicon

targeted at DDR5 buffer chips

• Demonstrated IDM

security service on leading cloud platform

Product Licensing Revenue

• Buffer Chip and high-

speed SerDes Programs enhanced

• Secure provisioning for

Payments and Smart Ticketing (launched HCE Ticketing)

• HBM2 PHY Solution
• Launched Unified

Payment Platform (UPP)

• 56G SerDes PHY with

Samsung

• 34% YoY growth
• Launched turn-key,

CryptoManager™ IoT Device Management service, demoed with Qualcomm and STMicroelectronics

• Key partnerships with

CyberTrust, Synopsys, Google and Interac

• 27% YoY growth

14

Growth metrics. Leading indicators.

• Maintain leadership in IP Cores
• Buffer chips – revenue growth and

leadership in DDR5

• Pilots and commercial sales for Payment

and Ticketing

• Adoption of CryptoManager IoT device

management

Focus on…

• Licensing and renewals
• Product execution and introductions
• SaaS services (tokenization, IoT

security,…)

• Continued cost management and cash

generation

The Next 12 Months…

15

• Emerging Solutions
• Bridging to product through research
• Advanced memory for the future of data center
• The Data Center
• Historic perspective and next-gen opportunity
• Cores and chips
• The Mobile Edge
• In-field services for IoT and commerce
• Foundational security for trusted transactions
• Financial Overview
• Status and expectations
• Investment thesis

What’s Next…

16

Emerging Solutions

Laura Stark

General Manager, Emerging Solutions Division

17

Emerging Solutions

Innovating future solutions

Emerging Solutions

Data・Smarter

18

500+ patents & apps related related to:

• Serial link architectures

and circuits

• SerDes Interfaces

including PCIe, 10GbE, SATA, USB, etc.

Worldwide Patent Portfolio in Strategic Areas

130+ patents & apps related to:

• DPA/side-channel attack

countermeasures

• Anti-counterfeiting and

anti-piracy technology

• Key protection and secure

software loading for SoCs and FPGAs

1500+ patents & apps related to:

• DRAM, NAND Flash, and

RRAM memory system architectures and circuits

• Memory interfaces

including DDR2/ DDR3/DDR4

19

Relevance with Industry Leaders

Source: Innography (Aug-2017)

20

Challenges Facing the Industry…

Limits of DRAM scaling

Number of CPU cores scaling faster than memory can support

Low CPU Utilization Big Data Analytics

Cost per bit of DRAM no longer scaling with process Massive and growing data sets are straining data center architecture

90nm 0.25um 0.18um 0.13um 65nm 45nm 0.35um

1990 1995 2000 2005 Gate Oxide Thickness (nm)

10 1

The end of traditional scaling

These challenges are opportunities for the types of innovation that Rambus excels at

21

• Exploring alternatives to accelerate

the delivery and computation of data

• Utilizing our acceleration platform

to develop new advanced memory systems

• Integrating DRAM and Storage

Class Memory

New Memory Architectures for Future Data Center

Processing Memory Storage

CPU

SSD HDD

DRAM SCM New Alternatives?

22

Driving the Next Big Changes in Memory

High-speed Interfaces

• DIMM Extension
• GenZ
• OpenCAPI

Module Buffer Architectures

• RDIMM
• LRDIMM
• NVDIMM
• Hybrid DIMM

Memory Architectures

• DRAM
• Flash
• RRAM
• MRAM
• PCM

23

Exploring avenues to surpass the slowing of Moore's Law and meet the needs of next-generation data centers through cryogenic research

24

• Focused on cryogenic temperature to

enable new memory solutions

• Lower operating temperature allows

lower operating voltages with improved energy efficiency and cost of ownership (COO) for memory systems

• Optimized architectures are required to

reap these benefits for cryogenic and quantum computers

Reestablishing DRAM Scaling - Cryogenic Technology

Exploring avenues to overcome the slowing of Moore’s Law for future- generation data centers

25

Cryogenic Research Partner

FAB Partner

Modeling

Development

DRAM Partner

Expanding to Prototypes

26

Data Center

Luc Seraphin

General Manager, Memory & Interfaces Division

27

Cores

SerDes PHYs

Move data from chip to chip

Memory PHYs

Move data between chips and memory

Chips

Server DIMM Chipsets

Enables more capacity at high performance

The Data Center

Data・Faster

28

Building Momentum

Rambus, PLDA and Avery Design Announce Comprehensive PCIe 4.0 Solution Rambus Introduces High Bandwidth Memory PHY on GLOBALFOUNDRIES FX-14™ ASIC Platform using 14nm LPP Process Technology Rambus Partners with Samsung to Develop 56G SerDes PHY on 10nm LPP Process GLOBALFOUNDRIES Demonstrates 2.5D High-Bandwidth Memory Solution for Data Center, Networking, and Cloud Applications Rambus Launches JEDEC-Standard DDR4 NVRCD for Emerging NVDIMM Applications

29

Real-time Applications Demand More Memory

Telecom & Cloud

More customer transactions

Business Intelligence

Better insights and more

• pportunities

Financial Services

Faster transactions and more accurate assessments

Health & Life Sciences

Solve complex problems with better, faster results

High-bandwidth memory capacity is critical for real-time applications

30

Exponential data growth is driving performance requirements and new architectures High-speed interconnects are key to data center performance and growth

Exponential Data Growth Mandates Increased Speed

20 40 60 80 100 120 140 160 180 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Zetabytes

Source: IDC's Data Age 2025 Study

Data Created

Size of Global Data Creation

Cloud Services IoT Devices Streaming Video Social Media eCommerce Wireless Networks Big Data Data Center Servers Storage

31

Cores

SerDes PHYs

Move data from chip to chip

Memory PHYs

Move data between chips and memory

Chips

Server DIMM Chipsets

Enables more capacity at high performance

The Data Center

Data・Faster

32

Rambus High-speed IP Ecosystem

Technology Foundry Design/ Validate IP License IP Direct License IP Sell ASIC Networking Data Center Communications ASIC House/ SOC Integrators

33

High-speed Interface IP: The Data Center’s Backbone

Largest data centers require millions of high-speed memory and SerDes cores

• Large Data Centers exceed 100,000

servers

• More than a dozen high-speed interfaces

required per server

Exponential growth

• Total data center market expected to

double in size between 2015 and 2020*

• Data center cloud usage 30% expected

CAGR through 2020*

*http://www.cisco.com/c/dam/en/us/solutions/collateral/service-provider/global-cloud-index-gci/white-paper-c11-738085.pdf

Typical server line card

34

Rising design cost and complexity promotes using proven, high performance margin IP solutions

Source: SEMICO Research IP Integration cost based on node, not date

In-house design cost increasing

• Approaching ~200 IP blocks per SoC
• Over $160M in design implementation costs
• $10M+ potential revenue loss if late to market

due to re-spin Low risk solutions ➡ Reduce time-to-market

• Validated, tested, and silicon proven
• Qualified with industry Fab partners
• Robust and high-margin solutions

More than a PHY vendor

• History of industry leading memory solutions
• Integrated customer IP
• System and packaging design capabilities

SoC Cost and Complexity on the Rise

50 100 150 200 250 50 100 150 200 250

SOC IP Cores and IP Integration Cost Trend

IP Cores per SoC IP Integration Costs in $M

Cores Costs

35

Complete Solutions: SerDes PMA+ PCS, MAC (Partners)

Rambus High-Speed SerDes PHY Solutions

Lead Customers

Integrated tools for easy bring-up and characterization Validated solutions with partners

• PCIe 4/3/2
• CEI 11/6
• XFI/XAUI
• SATA
• SAS

16G

28nm & 14nm

• CEI-

28/25/11/6

• 100/50/25Gb

E

• 10G-KR
• FC28
• XFI/XAUI

28G

14nm & 7nm*

• CEI-56G MR
• CEI-56G LR
• CEI-28/25/11
• 400GbE
• PAM-4/NRZ

LEAD CUSTOMERS

56G

10nm

• 112G Single

Lane

• CEI-56G MR
• CEI-56G LR
• CEI-28/25
• PAM-4/8

IN DEVELOPMENT

112G

7nm

*In Development

36

Integrated tools for easy bring-up and characterization

Rambus Memory PHY Solutions

Lead Customers

• 3200Mbps
• x16 –

x72-bits

• 1-4 Ranks
• DFI 4.0

DDR4/3

28nm & 14nm

• 2000Mbps
• 1024-bit
• 2.5D design

architecture

HBM2

14nm & 7nm*

• Expected

4000Mbps

• Complex

design architectures

IN DEVELOPMENT

HBM3

7nm

• Expected

4800 – 6400Mbps

IN DEVELOPMENT

DDR5

7nm

Validated solutions with partners

LabStation Platform On-chip Noise Monitor

Memory PHY Solutions for Networking and Data Center

*In Development

37

Cores

SerDes PHYs

Move data between chips and memory

Memory PHYs

Move data chip and memory

Chips

Server DIMM Chipsets

Enables more capacity at high performance

The Data Center

Data・Faster

38

Server DIMM Chipset Ecosystem

DRAM/Module Mfrs Support Services Chip Validation List RDIMMs & LRDIMMs Server DIMM Chipset DIMM Validation Chip/DIMM Validation

Data Center Enterprise

39

• Server DIMM chipsets continue to expand

the potential capacity and performance of DRAM

• Rambus is also continuously exploring

alternatives to accelerate the delivery and computation of data to close the latency gap between SCM and storage.

Extend and Expand Current Technology’s Range

Processing Memory Storage

CPU

SSD HDD

DRAM NVDIMM SCM

Memory Hierarchy

Size: 1x Latency: 1x Size: 10x Latency: 100x Size: 100x Latency: 1,000x Size: 10,000x Latency: 10,000,000x Size: 100x Latency: 100,000x

40

Boost Memory Capacity at Peak Bandwidth

Server DIMM Chipsets enable increased capacity at peak DRAM performance

Registered DIMM (RDIMM) - RCD Load Reduced DIMM (LRDIMM) – RCD + DB Load Reduced NVDIMM (LRDIMM) – NVRCD

NVRCD

NVDIMM Controller Persistent Memory

Persistent 12V Power Rail Clock Command/ Address

RCD Data Clock Command/ Address

RCD Data Clock Command/ Address

41

Smart tools for easy integration and reduced time to market

Rambus Server DIMM Chipset Solutions

Lead Customers

• JEDEC

compliant

• Speeds up

to 2133

• Multiple

OEM qualification s

AVAILABLE IN PRODUCTION

DDR3

DB & RCD

• JEDEC

compliant

• Speeds up

to 3200

• Multiple

OEM qualification s

AVAILABLE IN PRODUCTION

DDR4

DB & RCD

• JEDEC

compliant

• Speeds up

to 3200

• Ongoing

qualifications

AVAILABLE IN PRODUCTION

DDR4

NVRCD

• Consistent

with JEDEC direction

IN DEVELOPMENT

DDR5

DB & RCD

Validated solutions with partners

LabStation Platform Buffer Bios Integration Tool

Server DIMM Chipsets: Delivering performance and capacity

42

Introducing DDR5 Server DIMM Chips

Rambus Announces Industry’s First Functional Silicon of Server DIMM Buffer Chipset Targeted for Next-generation DDR5 Memory Technology

Provides data center architects early path to next- generation memory speeds

SUNNYVALE, Calif. – Sept. 20, 2017 – Rambus Inc. (NASDAQ: RMBS) today announced functional silicon of a double data rate (DDR) server DIMM (dual inline memory module) buffer chip prototype for the next generation DDR5 memory technology. This represents a key milestone for Rambus and the industry’s first silicon-proven memory buffer chip prototype capable of achieving the speeds required for the upcoming DDR5 standard.

43

Growing Opportunity in Data Center

$M

Source: IHS, Gartner, Semico Research, and Rambus estimates

200 400 600 800 1,000 1,200 1,400 2016 Rev 2016 SAM 2018 SAM 2021 SAM

Revenue Architecture Licensing and Cores Chips

Break

45

Mobile Edge

• Dr. Martin Scott

General Manager, Security Division

46

The Mobile Edge

Data・Safer

Embedded Security

Secure Cores

Embedded device protection

CryptoManager Platform

Secure provisioning and key management

Secure Services

CryptoManager Trusted Services

Device security management

Secure Software

Mobile Payments

Secure payments and trusted transactions

Smart Ticketing

Simplified travel with mobile ticketing

47

Security from Chip to Cloud to Crowd

Trust by Design Secure Assets & Clusters Device Configurations & Customer Demands Applications & Services Customer Data & Intelligence

Manufacturing In-field

Moving Data Faster & More Securely

Over 9 billion chips/year with DPA license CryptoManager Cores and Infrastructure with Qualcomm and others Over 1.5 billion chips configured since 2016 Recently announced CryptoManager IoT Device Management Service 100s of billions of payment and ticketing transactions secured

Security Management

48

The Mobile Edge

Data・Safer

Embedded Security

Secure Cores

Embedded device protection

CryptoManager Platform

Secure provisioning and key management

Secure Services

CryptoManager Trusted Services

Device security management

Secure Software

Mobile Payments

Secure payments and trusted transactions

Smart Ticketing

Simplified travel with mobile ticketing

49

CryptoManager Platform Ecosystem

Chip Maker

CryptoManager Platform

Sell hosted service

Platform as a Service (PaaS) Provider

Service Provider

OEM

Connected Devices

License cores + sell appliances License software + sell appliances CM Core and Infra CM SDK and Infra IoT Security Service

50

Expanding the CryptoManager Platform Ecosystem

Rambus and Synopsys Collaborate to Deliver Provisioning Services for Hardware Secure Modules

Solution enables secure, remote lifecycle management for automotive, IoT and mobile applications

Rambus and Cybertrust Partner to Secure Connected Devices

Cybertrust selects Rambus CryptoManager™ Infrastructure for secure device management and software updates

Rambus to Demonstrate CryptoManager IoT Device Management with STMicroelectronics

Joint demonstration at IoT World showcases secure IoT device connectivity, monitoring and provisioning

Rambus to Demonstrate IoT Security Technology in Qualcomm Booth at CES

Demonstration showcases ability to minimize DDoS attacks through secure connectivity, monitoring and provisioning of IoT endpoints

51

IoT Security

52

• Key Management and

Disaster Recovery

• Device Decommission and

Re-assignment

• Device Attestation

Simple, Secure, IoT Device Management

• Application Level DDoS

Protection

• Anomaly Detection and

Quarantine

• End-to-end Secure

Connectivity

• Device Identification and

Mutual Authentication

• Access Control

Secure Connectivity Security Lifecycle Management Service High Availability

53

Device Security Management

54

The Mobile Edge

Data・Safer

Embedded Security

Secure Cores

Embedded device protection

CryptoManager Platform

Secure provisioning and key management

Secure Services

CryptoManager Trusted Services

Device security management

Secure Software

Mobile Payments

Secure payments and trusted transactions

Smart Ticketing

Simplified travel with mobile ticketing

55

Merchant Acquirers Retailers

Issuing Banks

OEM Pay Card Schemes

Mobile Wallet HCE & Tokenization Software UPP Software & App UPP Software & App License software and implementation services License software and apps License software and apps

Mobile Payments Ecosystem

56

Unified Payment Platform

57

Scan and Go with In-aisle Check Out

• Create account

with retailer

• Load CC info
• Chose an item, photo/

scan to add to virtual cart

• Place item in cart or

collect on check-out

• Receive in-store coupons and

recommendations based on cart items or geo-beacons

• Order-ahead goods or

services

• Check out on mobile

device and skip the lines

• Automatically accrue

loyalty points

• Print or show mobile

receipt

• Collect items
• Go home happy
• Enable account-

based retail

• Create integrated
• nline-to-in store

experience

• Gather customer

purchasing data, shopping trends

• Reduce CC transaction fess

with integrated retail CC payments

• Reduce staff requirements

for check-out lines

• Free up more in-store sq.

footage for product

Consumer Retailer

• Increase upsell and cross-

sell opportunities

• Better user experience

drives customer loyalty and brand equity

New Account In-Aisle Purchase In-store Advertising Complete Shopping Mobile Check Out

Mobile Ticketing

59

Smart Ticketing Ecosystem

Ticket Delivery Service Ticket Management Software and Services Mobile Ticket Wallet Service + App Operator Local Government Ticket Retail License software + sell hosted service Sell hosted service + license app Sell hosted service

+ +

60

Going Ticketless with Frictionless Travel

• Create account
• Add CC info
• Go to train & get on – no

ticket required

• Receive updated

schedules automatically

• Receive location-based

coupons

• Pay In-app
• Get off train and go – fare

automatically debited

• Lowest fare automatically

selected

• Auto-updated with travel

times of frequently-traveled routes

• Receive loyalty/frequent

rider discounts

• Enable account-

based ticketing to capture metadata for every user

• Enable mobile GPS, tap
• n/off or geo beacons

track fare

• Reduce/eliminate ticketing

machines and monetize new rental space

• Optimize routes and

dispatch fleet based on traveler traffic

Operator

• Increase revenue from

ancillary services

• Better user experience

drives customer loyalty and frequency of travel

Use Coupon

Consumer

New Account Ticketless Travel In-transit Services Travel Assistance Easy Payment

61

Getting Smarter with Data

• Create a centralized database of

customer trends and travel patterns

• Improve cost-effectiveness and
• perational efficiency with real-

world travel data analysis

• Enable operators to optimize

services, fee structures and promotions using detailed travel data

63

Protecting Digital Value with Tokens

Tokenization enhances confidentiality and privacy of data by replacing important credentials with a dynamic value unique to each use Use Cases:

• Mobile payments
• Ticketing
• E-commerce
• Medical records
• Connected device IDs

298471834109872309 027846592026509283692 92459657983420205872364 245002834098761982370 734271249590712340

64

Growing Opportunity in Mobile Edge

$M

Source: ABI Research, Gartner, IHS, The Linley Group, MarketsMarch, Markets and Markets, Office of Rail and Road, Strategy Analytics, and Rambus estimates

500 1,000 1,500 2,000 2,500 3,000 2016 Rev 2016 SAM 2018 SAM 2021 SAM

RSD Revenue Smart Ticketing Mobile Payment Architecture Licensing and Cores Provisioning IoT

65

Financial Outlook

Rahul Mathur Chief Financial Officer

66

• High margin, predictable licensing and cores businesses
• Delivered on expectations while improving business fundamentals
• Compelling growth drivers in Data Center and Mobile Edge markets
• Continued and increased collaboration with the industries we serve
• Advancing leadership position in relevant IP and products,

leveraging our core competencies

Key Themes from Today

67

3Q17 Guidance Update

3Q17 Guidance

July 2017 Today Revenue $96 – $102M $97 – $101M Pro forma operating costs and expenses (1) $71 – $67M $71 – $67M Pro forma operating income (1) $25 – $35M $26 – $34M EPS (1) $0.14 – $0.20 $0.15 – $0.19

• Revenue guidance indicates performance

across legacy and acquired businesses

• Continued investment in R&D – larger

revenue base provides scale, efficiencies

• Maintain expense controls with focus on

profit and cash generation

• 4Q17 tracking in line with previous

expectations

(1) Assumes a non-GAAP adjustment to interest income and other income and expense of $1M, tax rate of 35% and share count of 113M. Excludes stock-based compensation expense ($7.5M), amortization expense ($11M), and non-cash interest expense on convertible notes ($1.7M). Please refer to reconciliations of non-GAAP financial measures included below, in our earnings release and on our investor website.

68

Growing Revenue Base

Large portion of our revenue is fixed & predictable

• Q2’17 revenue up 24% Y/Y
• Q2’17 down 3% from Q1’17,

better than typical seasonality of down 5%

• Q1’17 flat from Q4’16, better

than typical seasonality of down 2%

• Q3’17 Guidance reflective of

growth initiatives

Revenue ($M); Q4’16 includes revenue contribution from acquisitions that closed midway through Q3’16

54.5 63.1 68.7 70.6 67.4 16.4 22.5 23.2 23.2 23.4 5.6 4.2 5.7 3.6 4.0 76.5 89.9 97.6 97.4 94.7 97 - 101 20 40 60 80 100 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17G MID RSD RLD Certain amounts may be off $0.1M due to rounding. Q3’17G represents guidance presented today.

69

Revenue Growth and Cost Management

¹Please refer to reconciliations of non-GAAP financial measures included in this presentation and in our earnings release

Non-GAAP Income Statement ($M) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017G

Revenue $76.5 $89.9 $97.6

$97.4 $94.7 $97 – $101M Growth from product revenue, royalties,

incremental license agreements and acquisitions Total Operating Expenses1 $50.5 $60.8 $67.5

$66.8 $69.3 $71 – $67M Actively manage expenses through effective cost management

Operating Income consistently in line with expectations Operating Income1 $26.0 $29.0 $30.1

$30.6 $25.4 $26 – $34M Operating Margin1 34% 32% 31% 31% 27% 27% – 34% Diluted Earnings Per

Share1 $0.15 $0.16 $0.16

$0.17 $0.14 $0.15 – $0.19

Certain amounts may be off $0.1M due to rounding . Q3 2017G represents guidance presented today.

70

• Continued performance on base licensing and cores business
• Growth initiatives provide leverage to operating model
• Incremental revenue at operating margins higher than long term model
• Model supports improved cash flow generation

Long Term Model Unchanged

LT Operating Model

Revenue 12-15% Growth Pro Forma Operating Margin 37-40% Pro Forma EBITDA Margin 40-43%

30% 32% 34% 36% 38% 40% .5B 1B

Pro forma Operating Margin Revenue

71

Strong Balance Sheet for Growth

¹Please refer to reconciliations of non-GAAP financial measures included in this presentation and in our earnings release

In Millions Q2 2016 Q3 2016 Q4 2016

Q1 2017 Q2 2017 Total Cash & Marketable Securities $259.3 $150.8 $172.2 $187.6 $167.9 $122M used for acquisitions in Q3’16; $50M used for accelerated share repurchase in Q2’17 Total Assets $765.8 $800.3 $783.5 $826.2 $806.0 Strong balance sheet with limited debt Shareholder Equity $542.4 $552.8 $552.8 $601.6 $570.2 Adjusted EBITDA¹ $29.0 $32.5 $33.6 $34.0 $28.7 Solid cash generation continues

72

• Utilized Cash Wisely –

Strategic Acquisitions & Buyback

• Licensing base provides

stable, predictable cash flows

• Low CapEx model

Strong Cash Flow from Operations

• 17

51 76 76 93 100

• 40
• 20

20 40 60 80 100 120 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Cash from Operations ($M)

FY2017 represents Analyst estimates.

73

Tech Licensing

• CEVA
• Dolby Laboratories
• Imagination
• Intermolecular
• Nuance Communications
• Cadence
• Synopsys

Company Comparables

Semi Products

• Broadcom Limited
• GSI Technology
• Inphi
• Integrated Device

Technology

• Lattice Semiconductor
• MACOM
• Marvell Technology Group
• Maxim Integrated Products
• MaxLinear
• Microchip Technology
• Microsemi
• Monolithic Power Systems
• NVIDIA
• NXP
• Power Integrations
• QUALCOMM
• Semtech
• Silicon Laboratories
• Silicon Motion
• Texas Instruments

Patent Licensing

• InterDigital
• Universal Display
• Xperi

Systems Software

• Callidus Software
• eGain
• Bottomline Technologies
• Five9
• Jive Software
• Kinaxis
• LivePerson
• Marin Software
• Mitek Systems
• Model N
• PROS Holdings

74

Rambus Valuation not Aligned with Cash Generation

2016 Enterprise Value/Operating Cash Flow Multiples

10 15 20 25 30 35 40 45 50 Patent Licensing Tech Licensing Semi Products Systems Software

Source: FactSet. 2016 Operating Cash Flow and ending 2016 Enterprise Value.

Mean High 16.7

24.6 40.4 17.1 23.1 29.2 24.2 17.6 23.5

75

Investment Summary

Compelling growth drivers in Data Center and Mobile Edge markets Large portion of our revenue is fixed, and committed long-term with high, predictable margins Strong balance sheet to support strategic initiatives in exciting markets Accelerating our growth through strategic acquisitions & execution on key programs Growth initiatives provide leverage to operating model and improved cash flow

76

Closing Comments

77

• Rambus moves data fast and keeps it safe
• We serve two high growth markets
• Data Center
• Mobile Edge
• Our IP portfolio is strong and relevant
• Monetized directly; continued licensing
• Differentiates our products
• We’ve transitioned to a ”Product

Company”

• Infrastructure and go-to-market
• Established channels and ecosystem
• We expect revenue growth through 2018

and beyond

In Summary…

79

Reconciliation of non-GAAP Financial Measures

Certain amounts may be off $1M due to rounding.

Net Income 2013 2014 2015 2016

GAAP Net Income (Loss) (34) 26 211 7 Adjustments: Stock-based compensation 15 15 15 21 Acquisition-related transaction costs & retention bonus 10 2

• 3

Amortization 29 27 25 37 Restructuring 6

• 4
• Other one-time events

10

• 14

Non-cash interest expense 19 15 6 7 Provision for (benefit from) income taxes (6) (15) (191) (21)

Pro Forma Net Income 50 70 71 68 EBITDA 2013 2014 2015 2016

GAAP Operating Income 22 75 71 34 Adjustments: Stock-based compensation 15 15 15 21 Acquisition-related transaction costs & retention bonus 10 2

• 3

Amortization 29 27 25 37 Restructuring 6

• 4
• Other one-time events

10

• 14

Pro Forma Operating Income 92 119 115 109

Depreciation 15 14 12 13

Pro Forma EBITDA 107 133 127 122

80

Certain amounts may be off $1M due to rounding.

Reconciliation of Non-GAAP Financial Measures

Net Income

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 GAAP Net Income (Loss) 4 4 (3) 3 3 Adjustments: Stock-based compensation 5 5 6 7 7 Acquisition-related transaction costs & retention bonus 1 1 Purchase accounting adjustment for inventory fair value step-up 1 1 Amortization 8 10 11 10 10 Impairment of long-lived assets 18 Adjustment to contingent consideration (7) Non-cash interest expense 2 2 2 2 2 Provision for (benefit from) income taxes (3) (5) (9) (3) (6)

Non-GAAP Net Income

17 18 19 19 16

Operating Income

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 GAAP Operating Income 12 12 1 13 8 Adjustments: Stock-based compensation 5 5 6 7 7 Acquisition-related transaction costs & retention bonus 1 1 Purchase accounting adjustment for inventory fair value step-up 1 1 Amortization 8 10 11 11 10 Impairment of long-lived assets 18 Adjustment to contingent consideration (7)

Non-GAAP Operating Income

26 29 30 31 25 Depreciation 3 3 4 3 3

Adjusted EBITDA

29 32 34 34 29